Hong Kong SAR

Following the surprise devaluation of the renminbi by the People’s Bank of China, speculation has been rife about whether Hong Kong will move its peg from across the Atlantic to its neighbour. In separate reports, ANZ and AXA Investment Managers conclude that a shift from the US dollar to the RMB is unlikely in the short term due the latter’s market volatility and unfinished internationalisation, writes Daniel Monteiro.

Since bankers first came into being, we have been trying to solve one of the most mindboggling puzzles in human history. How do you grow your business while cutting costs?

Hong Kong Exchanges (HKEx) CEO Charles Li said earlier this week that a stock market rout in China had made talks of expanding the mutual market access initiatives, including the expansion of the Shanghai-Hong Kong Stock Connect to Shenzhen, more difficult.

Citi has appointed David Ratliff to the newly created position of head of public sector banking for Asia Pacific. The move is part of the bank’s strategy to combine corporate and investment banking alongside markets and securities services coverage of public sector clients in the region.

Respondents to a new survey by Standard Chartered Hong Kong branch (StanChart HK) are expecting further devaluation of the RMB, but an even larger proportion said they would continue to hold or even expand the quota of RMB-denominated assets in their portfolios.

Hong Kong Tian Yuan Manganese International Trade, which sent out invitations for a $150m loan on Monday, is understood to have now cancelled the transaction.

In the confusing world of China’s investor access programmes, one thing regulators have made clear is that hedge funds are not welcome. The launch of the Shanghai-Hong Kong Stock Connect gave the industry access the mainland markets, but the recent stock market trouble has seen regulators take a much harder stance.

Société Générale has appointed Laurent Morel as head of debt capital markets for Asia Pacific, taking over from Yves Jacob who has relocated to Paris.

HSBC has named former CLSA banker Andrew Maynard as head of sales trading and execution services for Asia Pacific equities, along with three other fresh senior hires for the unit.

Bi Feng Tang (Group) Holdings Corp has tapped Morgan Stanley as the sole sponsor for its proposed IPO in Hong Kong, with the casual restaurant chain filing a draft prospectus on September 4.

Barclays has strengthened its Asia Pacific coverage of the oil and gas sector with the hire of Jorge Martinez from HSBC.

Genscript Biotech Corp is eyeing a $150m listing in Hong Kong, with the company filing an A1 with the city’s stock exchange via sole sponsor Haitong International Capital.